Skip to main content

Quandis Announces New Servicemember Search for the Prevention of Foreclosure

NationalMortgageProfessional.com
Jun 13, 2014

Quandis Inc. has announced that it has rolled out a new feature within its existing military search service that identifies multiple name variations of borrowers which could have active duty status in the U.S. military. If in default but on active duty, certain rules prohibit foreclosure. This comprehensive search reduces the risk of missing a name and potentially failing to comply with the Servicemembers Civil Relief Act (SCRA) of 2003. In order to comply with the SCRA, organizations must take various measures before beginning foreclosure proceedings on active duty military personnel. Non-compliance with the SCRA can result in steep fines, lawsuits and the potential to rescind foreclosure transactions. “There is a serious need to identify and search name permutations that reside in the Department of Defense’s database,” stated Greg Kent, VP of data services at Quandis. "Often, the person searching for active military members must guess name variations, which significantly increases the chance to miss names. Our comprehensive search capability eliminates using this manual process, thus saving time, reducing costs, and mitigating compliance risk.” Quandis’ military search service is currently in use by foreclosure attorneys, servicers, lenders, banks and third party outsource providers. Once initiated, the search service delivers an official military status report from the Department of Defense within 24 hours.   Kent further explains: “Consider a search for John Doe-Smith. We'll also search for other possible variations like John Doe, John Smith, John Smith-Doe, and so on. Automatically executing extra searches serves as a very efficient and effective due diligence tool.  We can also customize the permutation model to meet client-specific needs.” Quandis’ military search service can integrate with servicing platforms, attorney case management systems (CMSs) and third party applications. In addition, client workflows can be custom configured for their unique processes and procedures using business rules.
Published
Jun 13, 2014
More from
Tech
Effective Technologies For 2023

Lenders will need tech that squeezes every ounce of efficiency.

Tech
Nov 21, 2022
FirstClose Names New Chief Financial Officer

Hiring of James Bolger further strengthens executive team.

Tech
Nov 15, 2022
Snapdocs eVault Helps PRMI Roll Out eNotes In 49 States

PRMI has seen a four-day reduction in dwell time for mortgages closed as eNotes, leading to a savings of more than $250 per loan.

Tech
Nov 14, 2022
FundMore, VeriFast Team To Expand Digital Verification

Announced a partnership that seeks to secure and verify digital mortgage transactions.

Tech
Nov 14, 2022
Cenlar FSB Appoints Its 1st VP Of Cybersecurity

Brian Browne brings 25 years of experience in information security.

Tech
Nov 09, 2022
Redfin Laying Off More than 800, Closing RedfinNow

CEO says iBuying business will lose up to $26 million this year.

Tech
Nov 09, 2022